论我国创业投资委托管理的治理结构

界定了创业投资的概念，分析了我国现阶段创业投资委托管理治理结构的主要形态及其特点．提出了建立我国创业投资委托管理治理结构应注意的几个问题。     

创业投资再添动力

<正> 中国对外贸易经济合作部国际经贸关系司处长孙元江,11月5日在中国外经贸部等五部委联合召开的“2002APEC创业投资大会新闻发布会”上披露,一项关于外资进入中国创业投资领域的最新规定,即将由外经贸部、科技部、国家税务总局、国家外汇管理局、国家工商行政管理总局联合出台。     

邓楠谈创业投资发展

<正> 2000年11月21日,科技部副部长邓楠在“风险投资论坛”发表演讲。我国创业投资取得的成绩她首先回顾了几年来我国创业投资取得的成绩:创业投资的发展不仅体现在创业资本数量上有所增加,而且表现在资金的结构发生了变化。民间资本开始活跃,在新成立的创业投资公司中,资金来源呈现出多元化。北京、上海、深圳等创业投资发展较快的地区,民间资金已占相当大比重。这表明原来由政府提供创业资本的模式已经开始变化,这对于创业机构内在的     

我国创业投资发展状况分析

自1998年开始，随着我国创业投资热潮的兴起，我国的创业投资有了快速的增长。尤其是从1998年开始出现大幅增长，在2000年达到最高点，2000年以后则逐年递减。很多人认为，创业投资的这种“起”和“落”主要是受二板市场的影响（李伯亭，1999；张立艳，2002；王松奇，2003）。1999、2000年，由于受到要开设二板市场的刺激。创投机构如雨后春笋般出现，创业投资活动开展的如火如荼。     

战略性新兴产业与创业投资体系

战略性新兴产业的载体是企业,而不同规模的企业在创新过程中的作用不同。中小创业企业是破坏性技术创新的主要承担者,但是由于自有资源不足,这些企业必须从外部筹措所需资源,特别是资金。在市场机制下,中小创业企业很难从银行等机构获得债权资本,因此,向其提供股权资本和管理服务的创业融资显得非常重要。创业融资体系是创业投资体系的一个重要环节,前者能否有效地发挥作用在很大程度上取决于后者的建立和完善。本文试图按照上述逻辑阐述战略性新兴产业与创业投资体系的关系。     

论我国创业投资委托管理的治理结构

界定了创业投资的概念,分析了我国现阶段创业投资委托管理治理结构的主要形态及其特点,提出了建立我国创业投资委托管理治理结构应注意的几个问题。     

我国创业投资业发展中存在的问题与对策研究

随着全球经济一体化,世界各国都把发展高新技术产业放在重要位置,而创业投资对高新技术产业的发展起着重要作用。我国从1985年成立第一家创业投资公司以来,创业投资业有了一定的发展,但与经济发展相比明显滞后。探究发展中存在的问题与对策,促进创业投资发展,无疑具有重要的意义。     

论创业投资的治理结构与风险控制机制

创业投资是一各上高风险投资,在其运行过程中存在严重的信息不对称,涉及到两个层次的委托代理关系。如何有效地克服投资者、创业投资家以及创业家三者之间的逆向选择与道德风险问题,将是影响创业投资成败的关键。本文运用代理理论,对创业投资的治理结构与风险控制机制进行了分析,以期在微观层面上理解创业投资的实际运作。     

我国创业投资退出途径选择

创业投资对促进我国高新技术企业的发展有着极其重要的意义,而退出机制是创业投资体系的核心,是风险资本能够循环产生利润的关键。首先,对创业投资的主要退出途径进行了归纳与比较;然后,针对风险企业选择退出途径时遇到的难题,重点分析了首次公开发行(IPO)和并购(M&A)两种退出方式,并建立了创业企业（EN）和风险投资公司（VC）的效用函数;最后,以沃森生物为案例,对效用函数模型的使用进行了说明。     

关系网络嵌入、联合创业投资与企业创新效率

在正式制度尚不健全的资本市场背景下,中国创业投资行业仍经历了数十年的高速发展,促进了大量实体经济创新,这背后的原因和机制是什么呢?本文从创业投资促进企业创新产出的作用机理出发,实证检验了关系网络作为非正式制度补充创业投资领域正式制度缺失的作用和机制。以2018年前接受联合投资的A股上市公司为样本,本文发现联合投资主体间由于过往合作经历、共同求学和工作经历建立起的关系网络充当了缓解代理冲突的非正式制度,有效补偿了正式制度缺失时可能产生的短视行为,进而促进了这类创业投资在刺激企业创新中发挥的作用。研究表明,过往合作经历和共同校友关系嵌入下的联合投资企业创新效率更高,表现为专利数量的提升。机制检验表明,关系网络嵌入在联合投资团队代理冲突较强、自身失败容忍度较低的情况下能对创新发挥更大的促进作用。基于企业绩效-CEO变更敏感度的分析显示,关系网络嵌入确实增加了联合投资团队的失败容忍度水平。进一步研究表明,在正式制度发展薄弱的背景下,在创业投资机构更追求财务收益的前提下,关系网络嵌入对联合投资企业创新的正向作用更为明显,且在创业投资关系网络下,企业整体呈现出更高的风险承担后果,表现为被投企业会计...     

王连洲谈风险创业投资法律环境

全国人大财经委《投资基金法》起草小组组长王连洲教授前不久在清华大学发表了演讲。演讲摘要如下。     

Assessing bureaucratic start-up costs through Mystery Calls. Evidence from the One-stop shops for doing business

We analyze the mystery calls conducted over a sample of Italian municipalities surveying the front office services provided by the One-stop shops (OSSs) for doing business. Mystery calls are phone interviews conducted by callers who pretend to be prospective entrepreneurs wanting to start a new business, and whose identity and purposes were not known to the OSSs respondents. The information on the days and on the number of phone calls needed by the interviewers to conduct the mystery calls make it possible to construct new measures of bureaucratic start-up costs and study their determinants. We find that lower bureaucratic costs are mainly associated with factors related to organization features of the OSS, such as a more intensive use of ICT and expertise of the employees. The socio-economic context where the OSS operates also plays a role, while the characteristics of the political bodies generally do not.     

Public investment and regional business cycle fluctuations in Japan

This article examines the relationship between public investment and regional business cycle fluctuations in Japan. In particular, we focus on the effects of ‘discretionary’ changes in public investment, a portion of investment unrelated to the current state of macroeconomic circumstances. The empirical results show that such portions of public investment amplify regional business cycle fluctuations.     

International business cycles and the relative price of investment goods

Abstract Is the relative price of investment goods a good proxy for investment specific technology? We model this relative price in a flexible price international economy with two fundamental shocks, namely, the total factor productivity (TFP) shock and the investment‐specific technology (IST) shock. We show that the one‐to‐one correspondence between the IST shock and the relative price of investment goods breaks down in an international economy because of the short‐run correlation between the terms of trade and the relative price of investment goods. The data congruent negative correlation between the investment rate and the relative price of investment goods thus does not necessarily reflect decline in investment frictions (rise in IST), as suggested by many studies. A calibration experiment with the US data demonstrates that such an inverse relation between rate of investment and the relative price of investment goods basically reflects the positive effect of TFP on the terms of trade for a broad range of economies where the home bias in consumption exceeds investment and there is a sizable adjustment cost of investment.     

Foreign direct investment and business cycle co-movements: The panel data evidence

The previous literature has largely overlooked the possible channels through which foreign direct investment (FDI) might influence business cycle synchronization. In this study we analyze the linkages that exist among FDI, trade and industrial dissimilarity in relation to business cycle co-movements using a panel data set taken from 77 pairs of developed countries. The error component three-stage least squares (EC3SLS) estimates from a simultaneous equations model with panel data are shown to be superior to the estimates obtained from single equation models or simultaneous equations models with cross-sectional data. Our results indicate that FDI serves as a channel of international business cycle transmission that is equally important as the channels of trade and monetary policy. On the contrary, industrial dissimilarity is identified as having an indirect impact on the business cycle correlation through trade and FDI. Furthermore, our findings suggest that in our sample FDI is of the horizontal type and tends to substitute for trade.     

长波理论的数理解析及其对新发展格局的启示——纪念我国著名马克思主义经济学家高峰先生

高峰先生是我国马克思主义政治经济学与现代资本主义研究领域的著名专家.先生视野开阔、涉猎广泛,在其众多的研究著述之中对长波理论的考察格外引人瞩目.本文系统地回顾了先生针对资本主义经济长波,从资本积累理论切入,所提出的"技术—制度—市场"三元分析框架.在此基础上,尝试构建一个包含着异质性资本的单一部门模型,以说明技术变迁和...     

Flows of direct investment and their effects on U.S. domestic investment

Based on the ex post patterns of direct investment, separate hypotheses are offered on the effects of the outflows and inflows of direct investment on U.S. domestic investment. The outflows of capital will stimulate domestic investment and the inflows will displace this investment. Applying an accelerator-flow of funds model of investment with Almon lags for 1959I–1971IV, the results mildly support the hypothesis on the effect of capital outflows, whereas they clearly support the hypothesis on the adverse effect of foreign direct investment in the U.S.     

The ineffectiveness of effective tax rates on business investment: A critique of Feldstein's Fisher-Schultz lecture

In his Fisher-Schultz Lecture, Martin Feldstein (1982) examined the effects of non-neutral tax rules on business investment by estimating three econometric models, and he concluded that ‘the rising rate of inflation has, because of the structure of existing U.S. tax rules, substantially discouraged investment in the past 15 years’. In a detailed examination of Feldstein's Effective Tax Rate model and a less extensive review of his other formulations (neoclassical and return-over-cost), we advance a number of important and independent criticisms, and find that these three models fail to support Feldstein's conclusion that taxes have exerted a significantly depressing effect on net investment during the recent inflation episode.